Customer Community for Finance

Customer community for FinanceWhen competition continues to increase, margins are shrinking, and core services become commodities, companies must become truly customer-centric.

The Social Customer Journey

The new support journey of the social consumer is fast, search-enabled, buyer-driven and multi-channel. Are you ready for cross-channel customer care?

“My problem is solved, and much quicker than I expected!”

“There is much to learn here.I hope this forum saves me

the trouble of calling oremailing my provider.”

“Maybe I can find an answerin this community. It looks

really active.”

“I have a problem with my phone. Where can I

get help?”

Building online customer communities is about creating connections between the people within your organization to the people that buy your products and services. More importantly, they provide a social space where your customers can share their opinions, ideas and knowledge and where your company can provide access to relevant, trusted information at every stage in the customer buying cycle around the topics your customers care about.

The ability to build a real community of customers is a key competitive advantage in this digital age and begins with owning the social customer experience though customer communities. By integrating social and community features, your website becomes a social hub - hosting social conversations that relate closely to your brand and products.

Meet the expectations of tomorrow’s customersConsumers aren’t just buyers anymore - they have evolved. Your customers are online at all times, have higher expectations than ever before, and expect to interact with your brand in a consistent manner across channels. They are informed, connected brand advocates (or detractors) interacting with each other to learn more before they buy. They trust peer recommendations and reviews over company advertisements and product descriptions, and are willing to proactively extend help to others on the brands and products they love the most. Consumers are engaging and interacting to drive the buying behaviors of others. And after the sale, they expect to receive efficient, effortless, personalized and online service from your company.

Drive business value with customer communitiesBranded online customer communities are places where your customers can connect, share their knowledge and answer each other's questions. By integrating social and community features, your corporate website becomes a customer engagement hub and a primary source for relevant, trusted information at every stage in the customer buying cycle.

Communities will help you to reduce costs, drive innovation, build trust and strengthen customer relationships.They provide real business value and smart organizations use them as the centerpiece of their voice of the customer programs. Your customers have evolved. Have you?

‘The real importance of digital to business is not in the emergence of new technology; the importance is the shift in customer behavior.

Create compelling word of mouth

marketing and social campaigns

Build dynamic knowledge bases and

increase relevant website content

Increase customer satisfaction,

retention rates and lifetime value

Gain insights in customer issues

and concerns

Co-develop innovative improvementsfor products, services or processes

Reduce calls and emails to your

contact center

Achieve richer competitive

differentiation

Reduce costs of search engine

optimization

BottomlineConversations around your brand are taking place on external channels, so why not give customers a branded channel where you can be a part of these conversations? Building a robust online community is an increasingly solvable problem and its success is measurable. Using our advanced social technology platform, your company can launch a pilot in a few months instead of years.This enables you to:

Customer Success

2,000+ ideas submitted, increased brand preference & buying intent

With its co-creation community, insurer Interpolis developed a digital platform to help people to deal with risks and create long-term engagement.

19 point increase in NPS, 10% call reduction

Rabobank involves its clients to improve communications, products and processes (like the online application for debit cards) to become the nr. 1 service-oriented bank.

2000+ participants, increased NPS, winner of Financial Marketing Award

Community members participate in decisions around real insurance cases and claims. FBTO’s transparent and proactive approach is unique in the insurance market and resulted in lots of positive word of mouth, a higher brand preference and improvements in communications and insurance terms.

7,500+ customers provided feedback on products, services and processes

SNS Bank uses its community (which is integrated into its customer portal) to improve products, services and processes and increase its transparency towards customers.

Customer Community for Finance

Why co-creation worksCo-creation provides an easy, real-time and cost effective way to engage customers for feedback and input using research, crowdsourcing, social innovation, tests and discussion - helping companies to build better products and optimize communication and services.

The Social Customer Journey

The new support journey of the social consumer is fast, search-enabled, buyer-driven and multi-channel. Are you ready for cross-channel customer care?

“My problem is solved, and much quicker than I expected!”

“There is much to learn here.I hope this forum saves me

the trouble of calling oremailing my provider.”

“Maybe I can find an answerin this community. It looks

really active.”

“I have a problem with my phone. Where can I

get help?”

Co-creation is about people working together to generate, cultivate and deliver new ideas, products, services, campaigns etc. that they themselves will benefit from. It provides significant benefits such as increased speed to market, increased product quality, new products and services, an increased competitive advantage and a larger market share.

Characteristics of co-creation are dialogue, ‘common ground’, enthusiasm, vigor, focus on results, and most importantly, putting customers at the heart of your business. Co-creation expands the role of consumers, transforming them from respondents into fully engaged participants in the research process, with better, more actionable results.

It turns market research, R&D and design into a dynamic, natural process involving a wider range of stakeholders. Firms that manage this process effectively will accelerate innovation, improve product quality, reduce risk, and increase market acceptance of new products and ultimately achieve a sustainable competitive advantage.

Co-creation isn’t a new way of thinking. But the ability for brands and organizations to extensively involve people from around the world in design and development has only been possible since the arrival of the internet. With advances in technology and a more participative, increasingly social consumer, engaging customers for feedback and input has never been easier, less expensive, or more effective.

Create compelling word of mouth

marketing and social campaigns

Build dynamic knowledge bases and

increase relevant website content

Increase customer satisfaction,

retention rates and lifetime value

Gain insights in customer issues

and concerns

Co-develop innovative improvementsfor products, services or processes

Reduce calls and emails to your

contact center

Achieve richer competitive

differentiation

Reduce costs of search engine

optimization

BottomlineConversations around your brand are taking place on external channels, so why not give customers a branded channel where you can be a part of these conversations? Building a robust online community is an increasingly

solvable problem and its success is measurable. Using our advanced social technology platform, your company can launch a pilot in a few months (instead of years). This enables you to:

TomTom, for example, has successfully created a community within its website, which receives 4 million annual visits and

functions as an online knowledge base where customers can get self-service help. As one correct answer in the

community helps on average 30 other people with a similar problem, this has resulted in a call deflection of over 25

percent and a constant stream of valuable product feedback from their customers. In one month TomTom resolved 21,000

cases, resulting in €150,000 savings.

‘Consumers are beginning in a very real sense to own our brands and participate in their creation... we need to begin to learn to let go.

A. G. LafleyFormer CEO and Chairman of P&G

Customer Community for Finance

Case study RabobankRabobank is a multinational banking and financial services company headquartered in theNetherlands. As a global leader in Food and Agricultural financing and sustainability-oriented banking, the bank has operations in 40 countries and serves almost 9 million clients.

In 2010, Rabobank realized it had a problem when traditional market research did not deliver the ideas and results it was hoping for. The bank then looked for a way to increase engagement with some customer segments and improve its products and services through conversational research and co-creation. After careful consideration of the different available options, Rabobank decided to start a customer community on its own website. The community provides customers with a social space to share opinions, ideas and knowledge, and enables Rabobank to provide access to relevant, trusted information at every stage in the buying cycle on the topics its customers care about.

With the Innovate With Your Bank community, Rabobank is helping local banks to communicate with their customers in a new way which allows them to better understand customers needs. With currently over 10,000 members, the community is one of the biggest co-creation communities in the financial services industry, and has delivered significant value to Rabobank and its customers. Results from the community include many valuable customer insights and an impressive increase in NPS among participants. Besides supporting the evolution of the bank into a service provider, the co-creation program also helped to improve communication with customers and decrease service calls by 15%.

Community benefits

65% customer-to-customer support

60% call reduction

Over 65% of the questions is answered by members

(customer-to-customer support). Helping others and

building relationships are important motivations for visitors

to become and remain active. Next to this, gamification

elements such as badges are used, which reward users

for their contributions.

Around 400,000 users visit the forum each month

and receive support by other customers or T-Mobile

experts. The success of the forum, with its thousands of

questions answered, has contributed to a 60% reduction

of calls to the call center. This has saved T-Mobile

millions of euros.

Qualitative feedback

Through its forum and blog, T-Mobile receives qualitative

feedback from its customers and insight in the use of

their products and services, for example through the

specific questions customers ask or by their elaborate

explanations detailing how they use a product or service.

In some cases, feedback may be elicited explicitly, for

instance when incorporating a new functionality within

the website. Based on these customer contributions, marketeers have more insight in what customers care about, the

communications department can judge better what

information it needs, and products and processes

can be improved.

Word of mouth

60% of traffic through search engines

Active forum members are T-Mobile ambassadors. One

of the reasons for actively participating in the community

is that members feel affiliated with the organization.

Through active participation and the feeling that they

are part of the community, members are directly

connected to the organization. If other forum members

speak negatively about the organization, these are the

members that defend T-Mobile and maintain a positive

community spirit.

Over 60% of the traffic enters the forum through Google.

The T-Mobile forum has been active for a long time,

comprises a large amount of content and uses inSided’s

SEO optimised platform, which means that forum topics

are ranked highly by search engines like Google. The

community therefore attracts a high number of non-

customers looking for information about mobile-related

products and services.

‘In about five years’ time webcare will no longer be called webcare and online customer interaction will be the main link between customer and company. Available 24/7, used by all levels within the organization. Conversations with and between customers are leading organizational changes and determine process improvements, proposition development, product innovation and the discovery of new opportunities, markets and segments. Webcare is a way of working for a large, broad group of people, both internally and externally. They are pioneering our transformation to becoming a social business.

Ruud HuigslootCustomer Contact Innovation Manager T-Mobile

Members exert influence Member dialogues Improve products & servicesMembers can influence and improve the local economic and social vitality of their bank and also improve products and services.

Rabobank is offering its members an opportunity to participate in discussions that do or do not directly involve their bank, improving its reputation.

Motivated employees will use the feedback of the members and will improve the products and services they offer their local customers.

20% of customer contacthandled by the community, supporting the

company’s transformation into a social business

10K customers and 190 employeesparticipated in 224 different studies, generating13,000+ comments in 1000+ topics

15% call reductionto customer service following co-creation project

NPS +19 pointsamong research participants

many improvementsin products, services and communication following customer recommendations

constant community growthplans to involve all locals banks and their800,000+ customers

Customer Community for Finance

+31 20 4279597 www.insided.com

Leverage our passion and experience to transform customer interaction and achieve your vision of social business success.

hello@insided.com

We are inSidedAs the European leader in social business technology, inSided believes in empowering your customers in order to reduce costs, improve sales, develop better customer relationships and drive innovation.

Create a user-friendly, social destination for customer conversations on any topic you choose.

Ratings & Reviews Research & Co-creation News & Blogs

Mobile delivery Reward Management Facebook AppsProduct Q&A

Forums

Collect real customer experiences to improve products and services, boost SEO and increase conversion rates.

Create an open market research or co-creation environment to acquire ideas and optimize products, processes and customer experiences.

Tell your story, improve content marketing and drive traffic, conversions & loyalty.

Infuse your product and service pages with peer-to-peer Q&A.

Engage your customers anytime, anywhere with a mobile-optimized community.

Increase community participation and engagement with gamification.

Create a central hub for social conversations about your brand on your Facebook brand page.

Products

Services Customer success is a mindset for us. Our services help you to launch a successful community, integrate it into your channels, processes and systems, and keep it healthy and thriving. A dedicated team will assist you every step of the way and help you realize a fast impact on your business.

Strategy SupportImplementationConcept

Social business maturity scanGoals & strategies workshopSocial business caseCommunity roadmap

Creative community conceptingCommunity designSocial media integrationContent & activation strategy

Community developmentTesting & quality assuranceBackoffice systems integration, deployment & launch

Workshops & trainingsCommunity moderation servicesSharing of best practicesContinuous improvement